Ethereum price failed to cross the $3,280 resistance area. ETH fell below the $3,200 support level and is now consolidating losses of over $3,100.
- Ethereum struggled to clear the $3,250 and $3,280 resistance levels.
- The price is trading below the $3,200 level and the 100 hourly simple moving average.
- There was a breakout below a major uptrend line with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).
- It is possible that the pair will continue moving lower if it trades below the support level of $3,100.
Ethereum price pares gains
Ethereum price struggled to clear the $3,250 and $3,280 resistance levels. ETH started a new decline and traded below the $3,200 support level to enter a short-term bearish zone, like Bitcoin.
Moreover, there was a breakout below a major uptrend line with support at $3,190 on the hourly chart of ETH/USD. The pair even fell below $3,150 and tested $3,100. The bottom was formed at $3,105 and the price is now consolidating losses.
Ethereum is now trading below the $3,200 level and the 100 hourly simple moving average. It is testing the 23.6% Fibonacci retracement level of the recent decline from the high of $3,291 to the low of $3,105.
Immediate resistance is near the $3,180 level and the 100 hourly simple moving average. The first major resistance is near the $3,200 level or the 50% Fib retracement level of the recent decline from the high of $3,291 to the low of $3,105.
source: ETHUSD on TradingView.com
The next major resistance is at $3,220, above which the price could gain strength and rise towards the $3,250 level. A close above the $3,250 resistance level could send the price towards the $3,280 resistance level. If there is a move above the $3,280 resistance level, Ethereum could test the $3,350 resistance level. Any further gains could send Ether towards the $3,500 resistance area.
More losses in ETH?
If Ethereum fails to break above the $3,200 resistance level, it may continue to move lower. Initial support on the downside is near the $3,120 level. The first major support is near the $3,100 area.
The main support is near the $3030 level. A clear move below the $3,030 support could increase selling pressure and send the price towards $2,850. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,100
Major resistance level – $3,200
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